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GOODWILL AND OTHER INTANGIBLES
 3 Months Ended
Mar. 31, 2024
GOODWILL AND OTHER INTANGIBLES [Abstract]  
GOODWILL AND OTHER INTANGIBLES
NOTE 6 – GOODWILL AND OTHER INTANGIBLES
 
 
Goodwill
Goodwill as
 
of each
 
of March
 
31, 2024
 
and December
 
31, 2023
 
amounted to
 
$
38.6
 
million.
The Corporation’s policy is to assess
goodwill and other intangibles for impairment on an annual basis during the fourth quarter of each year, and more frequently if events
or circumstances lead management to believe that the values of goodwill or other intangibles may be impaired. During the fourth
quarter of 2023, management performed a qualitative analysis of the carrying amount of each relevant reporting units’ goodwill and
concluded that it is more-likely-than-not that the fair value of the reporting units exceeded their carrying value. This assessment
involved identifying the inputs and assumptions that most affect fair value, including evaluating significant and relevant events
impacting each reporting entity, and evaluating such factors to determine if a positive assertion can be made that it is more-likely-
than-not that the fair value of the reporting units exceeded their carrying amount. As of December 31, 2023, the Corporation
concluded that it is more-likely-than-not that the fair value of the reporting units exceeded their carrying value. The Corporation
determined that there have been no significant events since the last annual assessment that could indicate potential goodwill
impairment on reporting units for which the goodwill is allocated. As a result, no impairment charges for goodwill were recorded
during the first quarter of 2024.
 
There were
no
 
changes in the carrying amount of goodwill during the quarters ended March 31,
 
2024 and 2023.
Other Intangible Assets
The
 
following
 
table
 
presents
 
the
 
gross
 
amount
 
and
 
accumulated
 
amortization
 
of
 
the
 
Corporation’s
 
intangible
 
assets
 
subject
 
to
amortization as of the indicated dates:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of
As of
March 31,
December 31,
2024
 
2023
 
(Dollars in thousands)
Core deposit intangible:
Gross amount
$
87,544
$
87,544
Accumulated amortization
(76,002)
(74,161)
Net carrying amount
$
11,542
$
13,383
Remaining amortization period (in years)
5.8
6.0
 
 
 
 
 
 
During
 
the
 
quarters
 
ended
 
March
 
31,
 
2024
 
and
 
2023,
 
the
 
Corporation
 
recognized
 
$
1.8
 
million
 
and
 
$
2.0
 
million,
 
respectively,
 
in
amortization expense on its other intangibles subject to amortization.
The
 
Corporation
 
amortizes
 
core
 
deposit
 
intangibles
 
based
 
on
 
the
 
projected
 
useful
 
lives
 
of
 
the
 
related
 
deposits.
 
Core
 
deposit
intangibles
 
are
 
analyzed
 
annually
 
for
 
impairment,
 
or
 
sooner
 
if
 
events
 
and
 
circumstances
 
indicate
 
possible
 
impairment.
 
Factors
 
that
may
 
suggest
 
impairment
 
include
 
customer
 
attrition
 
and
 
run-off.
 
Management
 
is
 
unaware
 
of
 
any
 
events
 
and/or
 
circumstances
 
that
would indicate a possible impairment to the core deposit intangibles as of March
 
31, 2024.
The estimated
 
aggregate annual
 
amortization expense
 
related to the
 
intangible assets
 
subject to amortization
 
for future periods
 
was
as follows as of March 31, 2024:
 
 
 
 
 
 
(In thousands)
2024
$
4,575
2025
3,509
2026
872
2027
872
2028
872
2029 and after
842